Putin Proposes New BRICS Insurance System and Grain Market

Source: प्रभात खबर | Original Published At: 2026-09-13 11:01:25 UTC

Key Points

• At the final session of the BRICS Summit, Putin said BRICS countries have their own paths for capital, labor, and technology and can operate despite external pressure.
• Russia proposed creating a BRICS insurance system to provide alternative arrangements for member states' trade and movement of goods.
• The insurance proposal is linked to Western restrictions on insurance for ships carrying Russian crude oil.
• Putin did not disclose the full framework of the proposed insurance system, saying it was a Russian proposal that other BRICS members could use.
• He also proposed a separate BRICS grain market to enable shared purchase and sale of grain among member countries and strengthen food trade cooperation.
• Putin praised the New Development Bank, saying it is handling projects worth about $140 billion.